Protection & Indemnity Clubs have announced premium increases for the February 20, 2026 renewal, reflecting continued challenges in the maritime insurance market including rising claims costs, inflation, and geopolitical risks.
Club-by-Club Premium Increases
| P&I Club | Premium Increase | Notes |
|---|---|---|
| Steamship Mutual | 8.0% | Standard increase across all vessel types |
| UK P&I Club | 7.5% | Includes revised deductible structure |
| American Club | 8.0% target | All deductibles ≤$25,000 increased by $1,000 |
| NorthStandard | 5.0% | Merged club, stable pricing approach |
| Britannia | 5.0% | Continued conservative pricing |
| Gard | 5.0% | 10% Owners General Discount for renewing members |
| Japan Club | 5.0% | Stable increase reflecting Asian market |
| Swedish Club | 5.0% | Focus on loss prevention initiatives |
| West of England | 5.0% | Standard increase applied |
Key Factors Driving Increases
- Container Vessel Reinsurance: Rates increased 15% to $1.0237/GT, reflecting higher fire and cargo collapse incidents
- Claims Inflation: Rising costs for crew injury, pollution cleanup, and wreck removal
- Geopolitical Risks: Red Sea disruptions and Black Sea trading restrictions
- Investment Returns: Lower returns on club investments requiring higher premium contributions
Impact on Shipowners
Shipowners should expect higher P&I costs for the 2026/27 policy year. The increases vary by club, with some offering discounts for loyal members. We recommend:
- Reviewing your current P&I coverage and comparing alternatives
- Understanding the new deductible structures
- Implementing loss prevention measures to qualify for potential discounts
- Planning for budget adjustments to accommodate premium increases
How MAXWELL BROKER Can Help
As an independent marine insurance broker, we can help you navigate the P&I renewal process, compare club offerings, and negotiate the best terms for your fleet. Contact our team for a personalized renewal strategy.